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...Billions of dollars - and Iraq's future - are at stake. Virtually all the revenues Iraq has to rebuild its shattered economy will come from its mammoth energy deposits - some of the world's biggest untapped reserves - of about 115 billion barrels of oil and about 110 trillion cubic feet of natural gas. In addition, Iraq's major creditors have made clear they expect a working oil industry, as a precondition for forgiving billions of dollars in Iraqi debt incurred largely by Saddam Hussein's wars against Iran and Kuwait and by his mega-splurging at home...

Author: /time Magazine | Title: Troubles for the Iraq Oil Deal | 2/28/2007 | See Source »

...richest at a blistering pace. It has a booming economy, escalating incomes and 10.8 million people--more than New York City. Wooing the newly wealthy of Chengdu is a top priority for consumer companies from Coca-Cola to General Motors to Christian Dior. Chengdu is only one of several mammoth metropolises--like Chongqing, Wuhan and Xi'an--experiencing similar booms of investment, wages and jobs...

Author: /time Magazine | Title: Welcome to China's China | 2/8/2007 | See Source »

...faith seems well placed. Like its skyline, London's profile as a financial hub is rising. While the U.S.'s mammoth $13 trillion economy provides a bigger market in domestic shares listed on Wall Street's two major exchanges - nasdaq and the New York Stock Exchange (n.y.s.e.) - Britain's more modest economy (it's the fifth largest in the world) has forced London to transform itself into a more internationally minded financial center to stay competitive. That transformation has become so successful lately that it has led to widespread speculation over whether London or New York City will become...

Author: /time Magazine | Title: The New Capital of Capital | 1/31/2007 | See Source »

...plan could also begin to reduce Japan's mammoth trade surplus and thus ease frictions with Western nations. The Japanese surplus with the U.S. is expected to reach a record $57 billion this year, up from $50 billion in 1985. The cut in income taxes should encourage Japanese consumers to buy more imports. The value-added tax applies only to goods manufactured in Japan,' which means that imports could become more competitive. U.S. Treasury officials said they were pleased with the tax-reform proposal. It represents a fundamental step for Japan away from subsidizing savings at the expense of consumer...

Author: /time Magazine | Title: Taxing Job: Nakasone's crusade for reform | 1/26/2007 | See Source »

...wasn't the first MMOG I'd ever played, but it is the best. The interface is clean and easy to master. The world feels mammoth and its geography runs the gamut from painted deserts and sprawling savannahs to snow-covered mountains and swamps teeming with gators and fish men. Despite its size, players easily navigate the world via roads, ships, zeppelins, giant bats and mythological creatures like hippogriffs. Players in Azeroth choose to be members of races like humans, orcs, trolls or night elves, and then pledge allegiance to one of two factions. But unlike in other fantasy games...

Author: /time Magazine | Title: Confessions of a 30-Year-Old Gamer | 1/12/2007 | See Source »

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